ADDL. CIT, SPECIAL RANGE-3, NEW DELHI vs. DELHI POWER COMPANY LTD,, NEW DELHI

PDF · subscribers

ITA 7340/DEL/2019Status: DisposedITAT Delhi23 October 2024AY 2011-12Bench: SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER, SHRI SUDHIR PAREEK (Judicial Member)2 pages

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted CBDT Circular No.09/2024 dated 17.09.2024, which revised the monetary limit for filing departmental appeals to the ITAT to Rs. 60 lakhs. As the tax effect of the Revenue's appeal was below this limit, the Tribunal dismissed the appeal as not maintainable.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order deleting an addition of Rs. 1,49,04,000/- made by the AO on account of interest income. During the hearing, the assessee's counsel submitted that the tax effect in this appeal was below Rs. 60 lakhs, referring to a recent CBDT circular.

What were the issues?

The primary issue considered by the Tribunal was the maintainability of the Revenue's appeal, given that the tax effect fell below the revised monetary limit prescribed by CBDT Circular No.09/2024.

Which sections of the Income-tax Act were involved?

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH “B”, NEW DELHI

Before: SHRI SHAMIM YAHYA, & SHRI SUDHIR PAREEK

For Appellant: Ms. Chetna Jain, Adv

Hearing: 22.10.2024Pronounced: 23.10.2024

The Revenue has filed the instant Appeal against the Order of the Ld. CIT(Appeal-34), New Delhi dated 17.06.2019, relating to assessment year 2011-12 on the following grounds:- 1. On the facts and in the circumstances of the case and in law, the Ld. CITA() has erred in deleting the addition of Rs. 1,49,04,000/- made by the AO on account of the interest income earned by the assessee during the A.Y. under considering without considering the arguments of AO mentioned in the assessment year.

2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition knowing the fact that the said amount was earned by the assessee as interest income on the fund kept by the assessee without any such direction received from Government of NCT of Delhi.

At the time of hearing, Ld. Counsel for the assessee has submitted that the tax effect in this appeal by the Revenue is below Rs. 60 lakhs. The CBDT in its Circular No.09/2024 dated 17.09.2024 has recently revised the monetary limit for filing of the departmental appeals to the ITAT at Rs. 60 lakhs. SHe has, therefore, requested that the Revenue’s appeal may be dismissed.

At the time of hearing, Ld. DR fairly agreed that the tax effect in this appeal of the Revenue is below the prescribed limit.

In view of the above position, we deem it fit and proper to dismiss the appeal of the Revenue in the light of the latest Circular No.09/2024 of the CBDT dated 17.09.2024, as not maintainable. 5. In the result, the appeal of the Revenue is dismissed. Order pronounced on 23/10/2024.

Recent GST High Court judgments

Search GST case law →